Greek finance minister Yanis Varoufakis and his German counterpart Wolfgang Schäuble at the start of an extraordinary euro zone finance ministers meeting (Eurogroup) to discuss Athens’ plans to reverse austerity measures agreed as part of its bailout.
Photograph: Yves Herman/Reuters

The presser is over. And the overarching conclusion in Athens is that had a deal not been cut, Greek banks would have suffered the fate of those in Cyprus - and been forced to implement capital controls, says Helena Smith.

The Greek finance minister Yanis Varoufakis is still firing on all cylinders as he addresses the international press in Brussels.

Bravura performance by a man who is never at a loss for words, says Helena Smith adding that the neophyte politician has spent much of the presser persuading Greek journalists that the new government will not roll back on its promises to abolish austerity.

“If you just want a yes or no you can’t get that from me. I talk too much,” he has just told reporters.

Varoufakis made clear that the agreement will cease to exist if Greece’s creditor institutions don’t accept the reforms Athens proposes. He also said that Greece’s left-dominated government will, and is very willing, to seek advice from its political opponents on the various changes the country will put forward on Monday.

The verdict of analysts in Athens: Greece under it’s new leftist-led administration has made the big concession of extending the bailout programme as enforced by the previous government, but it has agreed to do so on its own terms, according to Helena Smith

The Greek finance minister Yanis Varoufakis has kicked off his own press conference saying: “three Euro groups were needed to change page - in Greece and in Europe,” reports Helena Smith in Athens who is watching the press conference (in Greek).

He has just described the deadlines demanded of Greece and its newly installed government as “inhuman” and has spoken of the need to respect the electorate’s will.

This is not a moment for jubilation. This agreement is a small step in the right direction.”

So much for mutual trust. Dijsselbloem said the eurozone funds to recapitalise Greek banks held by Greece will remain available for that purpose – but the €11bn will from now on be held by the eurozone bailout fund and released only at the request of the European Central Bank.

The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today...

The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.